Agent (economics)
In economics, an agent is an actor or in behavioral economics, the decision maker in an economic model who typically solves an optimization or option problem.
For example, in partial equilibrium models of a single market, buyers consumers as well as sellers producers are two common classification of agents. In models of the macroeconomy, such(a) as dynamic stochastic general equilibrium models, households, firms, together with governments or central banks are often distinguished as the main bracket of agents in the economy. used to refer to every one of two or more people or matters of these agents may play house roles in the economy; households, for example, might act as consumers, workers, and/or voters in the model. Some macroeconomic models distinguish even more types of agents, such(a) as workers and shoppers or commercial banks.
In principal–agent models, the term agent specifically noted to someone delegated to act on behalf of a principal.
In agent-based computational economics, "agents" are "computational objects modeled as interacting according to rules" over space and time, non real people. The rules are formulated to model behavior and social interactions based on stipulated incentives and information. The concept of an agent may be generally interpreted to be all persistent individual, social, biological, or physical entity interacting with other such(a) entities in the context of a dynamic multi-agent economic system.